The Traffic

The Nigeria's President, Bola Ahmed Tinubu has approved the Renewed Hope Infrastructure Development Fund to facilitate effective infrastructure development across the pivotal areas of agriculture, transportation, ports, aviation, energy, healthcare, and education in Nigeria. According to the President, the Fund will invest in critical national projects that will, among other things, promote growth; enhance local value-addition, create employment opportunities, and stimulate technological innovation and exports. Some objectives of the Fund stated by the President are as follow: (1) Establish an innovative infrastructure investment vehicle to attract and consolidate capital, serving as a dynamic driver for economic advancement. (2) Execute strategic and meticulously chosen national infrastructure projects across several key sectors, including road, rail, agriculture (irrigation, storage, logistics & cold chain), ports, and aviation, among others. (3) Efficiently utilize and aggregate accessible low-interest loans such as concessionary loans and Eurobonds, supplemented by the procurement of other favourable financing options, in addition to budgetary allocations. (4) Guarantee Nigeria secures the most advantageous arrangements for financing, construction, and subsequently, operation and maintenance of the identified projects, ensuring optimal long-term outcomes for the nation. The Fund will identify appropriate approaches in its investment strategy, such as direct project financing through budgetary allocations and SPVs; co-financing (public-private partnerships) with key institutions, multilateral development institutions, as well as equity investments. On agricultural infrastructure and food security, the emphasis is on the development of robust agricultural infrastructure networks. This encompasses the establishment of national food storage facilities, integrated irrigation systems, ranching for animal husbandry, and the enhancement of agricultural logistics and distribution.